411homerepair.com

Who Pays for What in Real Estate?

by Guest Post on May 15, 2012

One very common question of real estate transactions is, "Who pays for what in a real estate transaction." Below is a list to give you an idea of some of the common expectations, but this list will vary from region to region. Also, if it's a buyer's or seller's market could possibly change the common fee responsibility.

Seller or Buyer

The SELLER could generally be expected to pay for the following.

  • Real Estate Commission
  • Document preparation fee for Deed
  • Documentary transfer tax
  • Any city Transfer/Conveyance Tax (according to contract)
  • Any loan fees required by the buyer's lender
  • The payoff of all loans in the seller's name (or existing loan balance if being assumed by buyer)
  • Interest accrued to lender being paid off, Statement Fees, reconveyance Fees, and any Prepayment Penalties
  • Termite Inspection (according to contract)
  • Termite Work (according to contract)
  • Home Warranty (according to contract)
  • Any judgments, tax liens, etc., against the seller
  • Tax proration (for any taxes unpaid at the time of transfer of title)
  • Any unpaid Homeowner's dues
  • Title Insurance Premium
  • Recording charges to clear all documents of record against seller
  • Any bonds or assessments (according to contract)
  • All delinquent taxes
  • Notary Fees
  • Escrow Fee

 

The BUYER could generally be expected to pay for the following.

  • Title Insurance Premium Escrow Fee
  • Notary Fee
  • Document preparation (if applicable)
  • Recording charges for all documents in the buyer's name
  • Termite Inspection (according to contract)
  • Tax proration (from date of acquisition)
  • Homeowner's transfer fee
  • All new loan charges (except those required by the lender for the seller to pay)
  • Interest on a new loan from date of funding to 30 days before the first payment date
  • Assumption/Change of Records fees for takeover of existing loan Beneficiary Statement Fee for the assumption of existing loan
  • Inspection Fees (roofing, property inspection, geological, etc.)
  • Home warranty (according to contract)
  • City transfer/Conveyance Tax (according to contract) Fire insurance Premium for the first year

Residential and commercial real estate is very different in one way but very similar in the other. The fees paid for commercial properties are way higher than for residential and they depend on a real estate agent’s ability to market the property. So if you are planning to sell your commercial property fast be aware of some of the fees you’ll need to pay to your broker when the transaction finalizes.

Latest Articles

Before You Sign: How Home Inspections Identify Hidden Hazards in Your Future Home

Buying a home is exciting, but hidden dangers can turn that dream into a nightmare if not addressed early on. Beyond what is visible during a...

on Oct 18, 2024

The Appeal and Longevity of Natural Oil Finishes for Hardwood Floors

Hardwood floors exude warmth, character, and timeless appeal in any home. To preserve and enhance these qualities, choosing the right finish is...

on May 17, 2024

Understanding Indonesia’s Real Estate Investment Laws for Foreigners

Indonesia, with its stunning landscapes, deep-rooted cultural heritage, and renowned hospitality, has emerged as a top destination for foreigners...

on Jan 25, 2024

Real Estate Development in Asian Cities

In many Asian cities, the rapid pace of urban development has led to the decline of historic districts, areas once teeming with cultural richness...

on Jan 25, 2024

Shower Envy: Elevating Your Bathroom with a Stunning Walk-In Shower

Are you tired of the same old routine in your bathroom? It might be time to consider a change, and one way to elevate your bathroom to a new level...

on Jan 22, 2024

Actions

More DIY Articles

Outdoor Renovation 101

Reshaping an entire outdoor space is a very challenging process, especially during summer, when you are supposed to spend a lot of time enjoying...

Garden / Landscaping / Patio

Wooden Creativity: Learn from These 3 Resources and Become a Professional Carpenter

Do you have the conviction that you can work wonders with your hands? Have you been dreaming of creating magnificent structures from wood? Would...

Tools / Woodworking

Different Drywall Types and Fire Safety

There are soundproof, moisture resistant, fire-resistant, and other drywall types. Check here what you need to know about drywall and fire safety....

Walls / Ceilings / Attics

Fitting a High Level Cistern

Low-level, integrated cisterns are the norm these days, but if you’re looking for something a little different a high-level cistern can add a touch...

Kitchen / Bathrooms

3 Easy Ways for You to Zest Up Your Home

Not every house begs for a renovation. There is nothing wrong with classic looks or themed homes. As much as trends come and go, you cannot deny...

Improvements / Remodeling

Contact Us | Submit Article | 411homerepair © 2024